Aspire Zone Foundation (AZF) signed an agreement with Qatar Financial Centre (QFC) for the establishment of Qatar’s Sports Business District (QSBD), a premier sports business cluster in Qatar and the Middle East.
The MoU was signed by Mohammed Khalifa Al Suwaidi, Chief Executive Officer of AZF, and Yousuf Mohamed Al Jaida, Chief Executive Officer and Board Member of QFC Authority.
The First in the Region
The agreement will see the QFC and AZF collaborate on numerous initiatives aimed at developing and promoting the sports industry, within an all-inclusive Sports Business District. The initiative is the first of its kind in the region and it aims to attract large sports-related multinationals, promote the set up of sustainable businesses and start ups and facilitate the commercialisation of sports-related products and services with unique incentives and service packages, including QFC designated locations in the Sports Business District.
Al Suwaidi said that the establishment of the new QSBD is a significant contribution to help diversify Qatar’s economy and transform the country into a favourable business destination for multiple sports related industries. He said that their collaboration with QFC will see the creation of a first-of- its-kind ‘sports business cluster’ which will bring together renowned local and international brands under one roof.
This new initiative will support Qatar National Vision 2030 and Aspire’s long-time mission of making Qatar a regional sporting hub.’
Al Jaida, meanwhile, said they are very honoured to partner with AZF to support the development of Qatar’s thriving sports industry.
The estimated size of the global sports industry surpassed the US$1 trillion mark in 2017, so there are clearly many opportunities and sizeable potential for investments that we wish to fully utilise through this collaborative partnership.’
Sports Sector in Qatar Expected to Reach US $20 Billion by 2023
Qatar’s well-established sports sector is expected to reach US $20 billion by 2023. This growth comes as momentum continues to build in the lead up to the 2022 FIFA World Cup™ and as the country boasts a US $200 billion investment programme to develop world-class facilities and services.
Although Qatar’s sports business development sector has witnessed a significant growth in the past few years, entrepreneurs and investors are facing a number of challenges to start-up development. This collaboration between AZF and QFC will orchestrate efforts aimed at attracting large sports-related multinational corporations and will promote the set up of sustainable businesses to facilitate the commercialisation of sports-related products and services in Qatar.
The QFC is an onshore jurisdiction, allowing companies to operate in and from Qatar within the QFC legal and tax environment. QFC firms enjoy competitive benefits, such as working within a legal environment based on English common law, the right to trade in any currency, up to 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double tax treaty agreement network with 60+ countries.
For updates and more information about the new Sports Business District, visit aspirezone.qa or qfc.qa.
